After two weeks of flirting with the six-figure mark, Bitcoin is crossed $100,000 For the first time on the thought that the incoming administration will be friendlier towards cryptocurrencies – and relax regulations.
The milestone came late Wednesday night after President-elect Donald Trump Paul Atkins nominated To head the Securities and Exchange Commission. Atkins runs Patomac Global Partners, a financial services advisory group that works with crypto industry clients. Atkins is also an advisor to the Chamber of Digital Commerce, a crypto advocacy group.
The selection is a notable turnaround from outgoing SEC Chairman Gary Gensler, who cracked down on digital assets after the 2022 market crash that exposed fraudulent practices and resulted in costly blowups. sudden collapse Crypto exchange FTX is followed by crypto lenders Genesis and Celsius.
Coinciding with Trump's selection of a crypto supporter to lead the SEC, Federal Reserve Chairman Jerome Powell compared Bitcoin to gold on Wednesday. New York Times DealBook Summit “People use Bitcoin as a speculative asset. It's like gold, it's exactly like gold, only it's virtual, it's digital. People use it as a form of payment or a store of value,” Powell said. Are not being used as such.” “It's highly volatile. It's not competitive for the dollar, it's really competitive for gold.”
Formerly a skeptic, Trump is now a convert. he and his sons have started His own crypto ventures, and other members of the incoming administration have previously disclosed investment in and support of cryptocurrencies. It includes Vice President-elect J.D. Vance, Health and Human Services nominee Robert F. Kennedy Jr., and Commerce Secretary Howard Lutnick.
Over the summer Trump spoke at a Bitcoin conference in Nashville, where he promised to make the US the “crypto capital of the planet” after returning to the White House.
Trump took credit for Bitcoin's rise on Thursday, entry On their Truth Social platform: “Congratulations Bitcoiners!!! Welcome!!! Together, we will make America great again!”
The price of Bitcoin surged 42% on November 5, the day before the presidential election, when it was trading at around $70,000 per coin. After breaking the $100,000 level, it jumped to $103,800.